SpaceX S-1 Reveals 18,712 Bitcoin as Hyperliquid’s Pre-IPO Market Prices SPCX

SpaceX (SPCX) publicly filed its S-1 registration statement with the SEC on Wednesday, confirming for the first time that Elon Musk’s space and satellite company holds 18,712 bitcoin purchased for roughly $661 million at an average price of about $35,320 per coin. At current prices near $77,000, the position is worth approximately $1.45 billion, placing SpaceX among the top 10 corporate bitcoin holders globally.

The company first added bitcoin to its balance sheet in 2021, when it purchased 25,724 BTC. The filing shows the position has been unchanged since the end of 2024, with no new purchases or sales disclosed. SpaceX recorded a $955 million gain on its holdings in 2024 and a $112 million unrealized loss in 2025. The bitcoin is held with third-party custodians, though the S-1 does not name them. The filing contains no discussion of future acquisition plans, strategic rationale, or hedging approaches.

This story is an excerpt from the Unchained Daily newsletter.

The IPO itself is expected to be the largest in history. SpaceX is seeking a valuation of more than $1.5 trillion, with Goldman Sachs and Morgan Stanley serving as lead underwriters. Pricing is targeted for June 11 on Nasdaq, with trading expected as early as June 12 under the ticker SPCX.

Pre-IPO perpetuals for SpaceX launched on Hyperliquid last Sunday via Trade.xyz, with the contract opening at a $150 reference price implying a $1.78 trillion valuation based on SpaceX’s 11.87 billion fully diluted shares. SPCX spiked to $216 within hours, pushing the implied valuation above $2.5 trillion, before settling near $203.

David Schamis, Founding Partner of Atlas Merchant Capital and CEO of HypeStrat, urged Musk on Wednesday not to let the banks underprice the listing. “HL provided price discovery that was very accurate,” he wrote, referencing Hyperliquid’s pre-IPO market for Cerebras Systems, which closely tracked the eventual listing price. “Elon, Morgan Stanley and the other banks will push back. They will have a long list of reasons as to why you need to price it well below the true market value. Don’t fall prey to this nonsense.”

The S-1 is notable as much for what it reveals about bitcoin as for what it reveals about SpaceX. The company quietly held a $1.45 billion position through an entire bear market without buying, selling, or publicizing it. For institutional investors parsing the filing ahead of June’s pricing, the bitcoin line item will be a footnote in a $1.5 trillion story, but for the crypto industry, it is the latest confirmation that major private companies have been accumulating bitcoin without the market knowing.